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Crude oil above Rs 5,800 a barrel, highest since 2014

Brent crude has given a breakout above the 50-day moving average, suggesting further upside. OPEC decision to gradually hike production and increasing global demand are expected to support prices, say experts

Mumbai / October 05, 2021 / 05:18 PM IST

Crude oil prices climbed above Rs 5,800 a barrel on the MCX, rallying to the highest level since October 2014 on surging demand, tight supplies and firm equity market.

OPEC and allies' decision to stick to the schedule to gradually hike production pushed the Brent price above $80 a barrel on October 4 and it moved above the 50-day moving average suggesting further upsides.

The energy commodity turned positive in the evening session after starting in the red, tracking an upbeat global trend.

On the MCX, crude oil delivery for October increased Rs 21, or 0.36 percent, to Rs 5,846 at 1645 hours, with a business turnover of 10,922 lots.